GST collection at Rs.7.19 lakh crore from Aug 17 & Mar 18

New Delhi [India] Apr. 27 (ANI): The government mobilised Rs.7.19 lakh crore from the Goods and Services Tax (GST) from August 2017 to March 2018, according to the Ministry of Finance.

This includes Rs. 1.19 lakh crore of Central Goods and Services Tax (CGST), Rs. 1.72 lakh crore of State Goods and Services Tax (SGST), Rs. 3.66 lakh crore of Integrated Goods and Services Tax (IGST), including Rs. 1.73 lakh crore on imports, and Rs. 62,021 crore of cess, including Rs. 5702 crore on imports.

For this eight months, the average monthly collection has been Rs. 89,885 crore.

While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, IGST and cess on imports gets collected in the same month.

Therefore, during the current year, GST on domestic supplies has been collected only in eight months from August 2017 to March 2018, IGST and cess on imports has been collected for nine months, from July 2017 to March 2018.

Including the collection of July 2017, the total GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore.

The SGST collection during the year, including the settlement of IGST has been Rs. 2.91 lakh crore and the total compensation released to the states for a period of eight months during the last financial year was Rs. 41,147 crore to ensure that the revenue of the states is protected at the level of 14 percent over the base year tax collection in 2015-16.

The revenue gap of each state is coming down over last eight months.

Further, the average revenue gap of all states for last year is around 17 percent. (ANI)

This story has not been edited. It has been published as provided by ANI